Vitec acquires Nordman & Co

Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software, by having acquired all shares of Swedish software company Nordman & Co AB on 26 April. The company reported revenues of SEK 20.2 million and EBIT of SEK 3.8 million for the 2019/2020 financial year.

Nordman & Co AB develops and provides the Argus CRM software, which is a complete sales support system for grocery stores, convenience stores, pharmacies, catering operations and DIY stores, primarily in the Nordic region. The system, with multiple supplementary modules, enables sellers to plan and manage, for example, store visits, orders, marketing activities, product details and presentations. The approximately 130 customers are predominantly companies in Sweden and elsewhere in the Nordic region.

Payment will be in cash and by way of a convertible bond, with waiver of the shareholders’ preferential rights as authorised in the Annual Shareholders’ Meeting on 23 June 2020. The convertible bond matures in 38 months and will at full conversion have a 0.02% dilutive effect on capital. The acquisition is expected to directly increase earnings per share for Vitec. Consolidation will take place as at the acquisition date.

Nordman & Co AB is a profitable and well-managed company with a stable operation that is a good fit with our business model and corporate culture. We acquire companies to retain them in the group, which is why we are always careful with our acquisition criteria. We are today extending our warmest welcome to 12 new colleagues, says Lars Stenlund, CEO of Vitec Software Group.

Nordman & Co AB was founded in 1999 and has for a long time been run by Peter Norgren, CEO, along with Keyvan Haghighat. The company is headquartered in Stockholm, and also has operations in Piteå.

Vitec is a long-term owner with an excellent understanding of what is involved in developing and providing business-critical software. I have been watching Vitec for quite some time and it is my firm conviction that we will jointly continue the development of Nordman & Co AB for the great benefit of our current and future customers, says Peter Norgren, CEO of Nordman & Co AB.

Stratema advised Vitec Software Group AB (publ).

 Press release from Vitec here.